Results 11,381-11,400 of 26,610 for speaker:David Cullinane

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: Okay. None of that answered my questions. However, it provided more clarity. I wish to break this down into layman's terms because it can bamboozle people who are not economists and who do not understand how it works. They hear terms such as "debt-to-GDP" and now there is GNI*. We use a host of measurements and we have to figure out which ones are the most accurate. We know for certain...

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: It does not strip out all multinational activity.

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: That is not the problem. The problem in Ireland is not so much that we have many multinationals. If they are producing goods and services, that will not be a problem. Is it the difficulty that a number of companies that are based here are booking a great deal of revenue but are not making anything here?

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: They are not doing anything in terms of goods or services. Is that the problem?

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: I will stop the witness there. Can he tell me, explicitly and clearly, what is excluded when the GNI* calculation is being made?

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: Before that, I wish to be clear about what the witness is saying. The difference between GDP and GNI is that it is not necessarily the profits generated by the multinational companies on the basis of goods and services but the profits that they make not being repatriated to Ireland but being repatriated somewhere else.

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: Is that because of the nature of multinational companies?

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: I am looking at Figure 2C.1 in the Comptroller and Auditor General's special chapter. It gives a definition of gross national income and GNI*. Can the Comptroller and Auditor General take us through that from his perspective?

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: As a percentage of that debt, how much of it is accounted for by the EU-IMF programme loan balance?

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: It is approximately 25% of the overall debt.

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: Essentially, we still have very high debt levels. We hear about a recovering economy but would Mr. Moran agree that we have to be careful in terms of how we spend money? At budget time we have debates in the political sphere regarding how we spend money on cutting taxes and so forth, but as we still have a high level of debt compared with other countries would he agree that we need to be...

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: The point is that we report on the basis of GDP. The difficulty is that the outworking of the rules is based on figures which are not reliable.

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: That is an extraordinary position for the State and for policy at such an important level. The fiscal compact rules have a big impact on how much money the State has to spend. We each have our own view as to whether the fiscal rules are too rigid or otherwise - there was a referendum on that point - but they are the rules in place. That is the legal requirement. It is extraordinary that...

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: However, we must rely upon it.

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: It is not just for reporting purposes. If it was just for reporting purposes, that would be fine because in a report one can have debt-to-GDP, debt-to-GNI, debt-to-GNI* and so on. That is fine. However, it is not just for reporting; it is for the implementation of rules which have an impact on my job and that of Deputies Catherine Murphy and Catherine Connolly, as legislators, in terms of...

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: Is GNI* an Irish phenomenon? Is it a bespoke Irish measurement?

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: I wish academics well in the work that they do.

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: Absolutely. I wish academics well and I am sure it is very interesting for them. However, policy makers are key to this issue. Has there been any interaction between the Department of Finance or the Department of Public Expenditure and Reform and the European Commission in regard to using GNI*? If it is the accepted position of the Minister for Finance, Deputy Donohoe, and the Secretary...

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: What was the response of the European Commission in that regard?

Public Accounts Committee: Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council (19 Apr 2018)

David Cullinane: What does EUROSTAT use?